State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' invited Vadim Vaneev, the Director General of Eurodon, to leave his position. Under this condition, VEB is ready to finance the company in the future, Kommersant-Yug reports.
The reasons for such a proposal are announced in a letter sent to Mr. Vaneev. VEB believes that he made a number of mistakes that led to unfavorable epidemiological situation on the sites and a cash shortage. The Bank is ready to continue spending, including paying staff salaries and purchasing feed, if Vaneev leaves his position.
Earlier, VEB also stated that a profile investor could be found for the company. In mid-August, the company was unable to make another payment for a loan from VEB Capital (VEB structure) in the amount of several hundred million rubles (several million dollars). The lender also sent a monitoring service to enterprises in Rostov region to study the situation.
Vadim Vaneev today owns an 11% stake in Evrodon. Another 40% belong to Vnesheconombank, 34% - to VEB-Capital. The shares were transferred to VEB in 2017 as part of debt restructuring and should be held by the creditor prior to its redemption. Over the past year, the loss of Eurodon increased by 1.6B RUR ($ 23.18M) and amounted to 3.6B RUR ($ 52.15M), and revenue decreased by 2.5B RUR ($ 36.22M) and amounted to 5.7B RUR ($ 82.57M).
Source: agrorus-news.ru.
